TMH Market Open: ASX to open flat

The ASX is tipped to start its last day of trade for the week fairly flat, or just marginally in front.

The S&P 500 and Nasdaq dropped overnight, hindered by a slip in Tesla and Netflix after its quarterly results were released.

Tesla tumbled nearly 10 per cent as CEO Elon Musk hinted at future price cuts to electric vehicles. Taiwan Semiconductor Manufacturing Company – or TSMC – followed suit – losing five per cent – after the chipmaker’s quarterly revenue was down 13.7 per cent.

Streaming service Netflix was also down, shedding 8.4 per cent after falling short of its quarterly revenue targets, despite cracking down on password sharing.

The Dow Jones, however, rallied for a ninth straight trading session – its longest upwards run in several years. Pharmaceutical company Johnson & Johnson gained more than 6 per cent as it exceeded earnings predictions with MedTech sales and raised its full-year forecasts.

Back home and the Aussie dollar is buying 68 US cents, and 61 Euro cents.

Iron Ore is up 0.7 per cent to $115.15 a tonne, gold is down nearly half a per cent at 1969.62, crude oil is up 0.3 per cent at $79.70 a barrel and natural gas is up 1.15 per cent to $2.63.